Definitions

Section 715.200  Definitions The following definitions shall apply to this Part: "Act" means the Community Development Loan Guarantee Act [15 ILCS 516] that establishes the Community Development Loan Guarantee Program. "Approved Depository" means a financial institution subject to the federal Community Reinvestment Act of 1977 that meets the Treasurer's required CRA Rating of Satisfactory or Outstanding, has an IDC Rating of 75 or above, and completes all program documentation. "Business Guarantee Application" means the form provided by the Treasurer to collect required information from a borrower and a participating financial institution for a borrower's enrollment into the Program. "CRA Rating" means the rating a financial institution receives from the Illinois Department of Financial and Professional Regulation in accordance with the Illinois Community Reinvestment Act [205 ILCS 735] or from the Federal Financial Institutions Examination Council as authorized by the federal Community Reinvestment Act of 1977. (12 U.S.C. 2901) "FDIC-Insured Financial Institution" means a financial institution that is insured by the Federal Deposit Insurance Corporation. "Financial Institution" means a bank, a savings and loan association, a savings bank, a credit union, a minority depository institution as designated by the Federal Deposit Insurance Corporation, or a community development financial institution certified by the United States Treasury Community Development Financial Institutions Fund, which is operating in the State of Illinois. [15 ILCS 516/30-10] "IDC Rating" means the rating a financial institution receives from IDC Financial Publishing, Inc, which is an entity that rates the safety and soundness of banks, holding companies, and credit unions. "Lender Participation Application" means the application form provided by the Treasurer to collect required information from financial institutions seeking to participate in the Program. "Loan Guarantee Account" means an account at a financial institution outside the State Treasury of which the State Treasurer is custodian with the purpose of guaranteeing loans made by a financial institution in accordance with the Act. [15 ILCS 516/30-10] "Loan Guarantee Administrative Trust Fund" means a nonappropriated trust fund within the State treasury. Moneys in the Fund may be used by the State Treasurer to guarantee loans and to cover administrative expenses related to the Program. [15 ILCS 516/30-36] "Low-Income Community" means: a geographic area or areas that has a poverty rate of at least 20% according to the latest data from the U.S. Census Bureau; in the case of a tract not located within a metropolitan area, the median family income for such tract does not exceed 80% of statewide median family income; or in the case of a tract located within a metropolitan area, the median family income for such tract does not exceed 80% of the greater of statewide median family income or the metropolitan area median family income. (See 26 U.S.C. Section 45D(e)). "NCUA" means the National Credit Union Administration. "Participating Financial Institution" means a financial institution that: applies to participate in the program; and is allocated guarantee funds for the Program. "Presence in Illinois" means at least one physical office and one full-time employee within the geographic borders of the State. "Program" means the Community Development Loan Guarantee Program. "Program Depository" means the host financial institutions awarded the contract for providing banking services as it relates to the Loan Guarantee Accounts for the Program. "Small Business" or "Business" means a business operating in Illinois with less than 500 employees at the time of application to the Program. "Small business" shall not include businesses in the following industries:  investment real estate, tobacco, adult entertainment, or gambling. "Small business" shall not include goodwill related to change in ownership. "Treasurer" means the duly elected Treasurer of the State of Illinois or the Treasurer's designees.